TFL Vsebine / Revija SIR*IUS

Taxation of alternative investment funds: implications of the CITA-2V amendment

Alternativni investicijski skladi so kolektivni investicijski skladi, ki ne spadajo med sklade UCITS in vlagajo v širši nabor naložb, kot so zasebni kapital, nepremičnine in infrastrukturni projekti. Praviloma so namenjeni profesionalnim ali izkušenim vlagateljem. V Evropski uniji njihov regulativni okvir določa Direktiva AIFMD, ki ureja delovanje upravljavcev alternativnih investicijskih skladov, njen namen pa so večja preglednost, stabilnost in zaščita vlagateljev. Obdavčitev alternativnih investicijskih skladov teoretično temelji na načelu davčne nevtralnosti, ki zahteva, da vlagatelji v te sklade niso v slabšem davčnem položaju kot pri neposrednih naložbah. Ta cilj se doseže s posebnim davčnim režimom za sklade, predvsem v obliki popolne ali delne oprostitve obdavčitve za sklad. Alternativni investicijski skladi se v Sloveniji obdavčujejo po splošnih pravilih o obdavčitvi pravnih oseb, ki pa ne upoštevajo posebne narave in namena alternativnih investicijskih skladov, ki se pomembno razlikujejo od gospodarskih družb. Novela ZDDPO-2V uvaja poseben režim z 0-odstotno stopnjo DDPO-ja za regulirane tipe alternativnih investicijskih skladov, pod pogojem razdelitve 75 odstotkov realiziranih dobičkov vlagateljem, kar je dober ukrep po načelu davčne nevtralnosti. Vendarle pa gre za parcialno rešitev, ki ne obravnava in rešuje širših pomislekov in dilem pri obdavčitvi alternativnih investicijskih skladov.

Alternative investment funds are collective investment schemes that do not fall under UCITS funds and invest in a broader range of assets, such as private equity, real estate, and infrastructure projects. They are generally intended for professional or experienced investors. At the EU level, their regulatory framework is defined by the AIFMD Directive, which governs the operation of AIF managers with the aim of ensuring greater transparency, financial stability, and investor protection. In theory, the taxation of AIFs is based on the principle of tax neutrality, which requires that investors in AIFs are not in a worse tax position than with direct investments. This goal is achieved through a special tax regime for funds, primarily in the form of full or partial tax exemption for the fund. In Slovenia, AIFs are taxed under the general rules for legal entities, which do not take into account the specific nature and purpose of AIFs, which differ significantly from commercial companies. The CITA-2V amendment introduces a special regime with a 0% corporate income tax rate for regulated types of AIFs, provided that 75% of realized profits are distributed to investors, representing a step towards the principle of tax neutrality. However, this is only a partial solution that does not address broader concerns and dilemmas regarding AIF taxation.